Wall Street Spooked by Emerging Market Weakness, Currency Turmoil and Q4 Earnings

By
A A A

Stock futures continue to unravel amid concerns about earnings, emerging markets and slower global growth prospects with the Dow Industrials expected to open as much as 100 points lower. Global equities started to unravel following yesterday's steep sell-off in the U.S. and continued throughout the overseas session on political turmoil in Turkey, yesterday's weak Chinese PMI, and was amplified by investors pouring out of emerging market currencies such as the Argentinian peso despite aggressive intervention efforts by Argentina's central bank.

Meanwhile in the U.S., investors have been generally unimpressed with Q4 earnings, even driving down the prices of stocks that have beat estimates such as Honeywell ( HON ) and Intuitive Surgical ( ISRG ). But there are a few gainers in the mix that could encourage bargain-hunting as the session gathers momentum with Proctor & Gamble ( PG ), Bristol Myers Squibb ( BMY ) and Kimberly Clark ( KMB ) all reporting upbeat earnings and trading higher in pre-market.

-Dow Jones Industrial down 0.52%

-S&P 500 futures down 0.55%

-Nasdaq 100 futures down 0.55%

SENTIMENT

Nikkei down 1.94%

Hang Seng down 1.25%

Shanghai Composite up 0.60%

FTSE-100 down 0.90%

DAX-30 down 1.21%

PRE-MARKET SECTOR WATCH

(-) Large cap tech: lower

(-) Chip stocks: lower

(+/-) Software stocks: mixed

(-) Hardware stocks: lower

(-) Internet stocks: lower

(+/-) Drug stocks: mixed

(-) Financial stocks: lower

(-) Retail stocks: lower

(-) Industrial stocks: lower

(-) Airlines: lower

(-) Autos lower

UPSIDE MOVERS:

BDSI (+43.20%) Biodelivery and partner and Endo Pharmaceuticals (ENDP) reported positive top-line results from its pivotal phase 3 efficacy study of BEMA buprenorphine.

JNPR (+5.73%) Reported strong earnings, upgraded by William Blair

DOWNSIDE MOVERS:

KIPS (-16.67%) Priced a 5.25 Mln share offering at $0.70 per share

ATOS(-23.44%) Priced 5.8 million units for $2.40 per unit for gross proceeds of approximately $14 million.

KSU (-7.49%) Reported Q4 EPS of $1.03, missing the analyst consensus of $1.10 on Cap IQ.

IGT (-10.99%) Q1 Reported earnings of $0.25 per share vs estimates of $0.30 per share.

RTRX (-3.66%) Weaker on unfavorable Seeking Alpha report



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

Copyright (C) 2014 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


This article appears in: Investing , Commodities

Referenced Stocks: BMY , HON , ISRG , KMB , PG

MT Newswires

MT Newswires

More from MT Newswires:

Related Videos

Stocks

Referenced

78%
100%
100%
100%
92%

Most Active by Volume

270,887,127
    $93.89 unch
225,243,115
  • $40.93 ▼ 2.74%
135,900,109
  • $47.52 ▲ 1.80%
89,467,924
  • $5.35 ▼ 1.11%
85,105,358
  • $16.95 ▼ 0.53%
80,748,539
  • $39.80 ▼ 4.21%
68,491,586
  • $3.57 ▼ 1.79%
62,097,356
  • $100.96 ▼ 0.82%
As of 9/19/2014, 04:15 PM

Find a Credit Card

Select a credit card product by:
Select an offer:
Search
Data Provided by BankRate.com